Farm Credit District achieves record growth

The Tenth Farm Credit District, a network of rural financing cooperatives that includes Ag New Mexico, reported record growth and earnings in the first quarter of 2007.

Ag New Mexico, which has provided loans to farmers and ranchers since 1934, has three offices in the state. The Tenth Farm Credit District is composed of the Austin-based Farm Credit Bank of Texas and 20 rural lending institutions in Alabama, Louisiana, Mississippi, New Mexico and Texas.

The district's total loans outstanding increased to almost $13.5 billion as of March 31, up 29.9 percent from the $10.4 blilion reported one year prior, with 98.8 percent of loans classified as acceptable. Net income also increased significantly, up 18.5 percent from the first quarter of 2006.

"To achieve 30 percent on loan growth and an 18.5 percent increase in net income over the same quarter a year ago is outstanding, but to do so while also improving credit quality is particularly significant, said Chief Executive Officer Larry Doyle. "These results attest to our associations' sharp focus on competitive loan pricing, customer service and increased efforts to penetrate their local markets."